Energy Insider: Baowu Plans $7.7 Billion Carbon Fund; China’s National Carbon Market Debuts With Turnover of 4.1 Million Tons

In today’s Caixin energy news wrap: China’s long-awaited carbon market finishes the first day of trading with a turnover of 4.1 million tons, and China opens coal reserves to ease tight supply as power consumption surges.

Top steelmaker Baowu initiates $7.7 billion carbon neutrality fund

China Baowu Steel Group, the world’s largest steelmaker, plans to set up a “carbon neutral” fund with partners, aiming a total investment of 50 billion yuan ($7.74 billion) in clean energy, green technology, environmental protection and pollution control. The partnership includes China Pacific Insurance (Group) Co. Ltd., CCB Financial Asset Investment Co. Ltd. and National Green Development Fund. The fund, with an initial investment of 10 billion yuan, will be the biggest carbon themed fund in China, Baowu said.